Question

I bought a new truck and a dirt bike in 2023. How do I claim these in my taxes?

Forum|Forum|1 year ago
September 3, 2024
2 replies
0 views

I didn't know how to claim these purchases to maximize my tax benefit.

TurboTax Deluxe Online

A

Anonymous_

Employee

@kyler898 wrote:
I didn't know how to claim these purchases to maximize my tax benefit.

Why would you believe the cost of these items to be tax deductible?

Are the items in any way connected with a business or for business use?

X

xmasbaby0

Employee

If the truck and/or dirt bike are for your personal use, then there is nothing to enter on a tax return about them unless you are itemizing deductions and want to enter the sales tax as an itemized deduction on your Schedule A--along with your other itemized deductions like mortgage interest, medical expenses, charity donations, etc.

If they are for business-related purposes, please explain. You are posting your question from online Deluxe, which does not support preparing a Schedule C for business expenses. Are you self-employed?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

M

Mike9241

if you are an employee (w-2) the only federal deduction would be their sales tax as large purchases deductible on schedule A. There would be is no tax benefit unless you itemize your deductions. There is a cap on the amount of taxes that can be deducted on schedule A. Some states allow a deduction for business use of assets as an employee.